Sold off from that peak, quite strange for it to reverse not sure why completely but it could settle and rise from here. 2 day and weekly average here so closing above there for the day is quite bullish. Really fast trade I rate 12hr to watch this in asia trading and see if momentum returns.
There is a good chance that this was a short squeeze, in order to force those who have been shorting bitcoin to lose a ton of money in only a couple of hours and learn their lesson not to go against the bullish trend. The accumulation is still ongoing which could be the reason why the momentum is still not forming up pushing the price over the $40k threshold.